In order that the village has the assurance that the construction and
installation of such improvements as sewers, septic systems, water supply,
road signs, sidewalks and road surfacing will be constructed, the subdivider
shall enter into one of the following agreements with the village:
A. Construct all improvements directly affecting the subdivision
as required by these regulations and by the Planning Board prior to final
approval of the plat;
B. In lieu of the completion of the improvements, furnish
bond executed by a surety company equal to the cost of construction of such
improvements as shown on the plans and based on an estimate furnished by the
applicant and approved by the Planning Board;
C. In lieu of the completion of improvements, deposit a
certified check in sufficient amount equal to the cost of construction of
such improvements as shown on the plans and based on the above estimate.
The construction or installation of any improvements or facilities,
other than roads, for which guarantee has been made by the subdivider in the
form of a bond or certified check deposit, shall be completed within one year
from the date of approval of the final plat. Road improvements shall be completed
within two years from the date of approval of the final plat. The subdivider
may request an extension of time, provided that the subdivider can show reasonable
cause for inability to perform said improvements within the required time.
The extension should not exceed six months, at the end of which time the village
may use as much of the bond or check deposit to construct the improvements
as necessary. More than one six-month extension may be granted at the discretion
of the Planning Board. The same shall apply whenever construction of improvements
is not performed in accordance with applicable standards and specifications.
When a certified check or performance bond is made pursuant to the preceding
sections, the village and subdivider shall enter into a written agreement
itemizing the schedule of improvements in sequence with the cost opposite
each phase of construction or installation, provided that each cost as listed
may be repaid to the subdivider upon completion and approval after inspection
of such improvement or installation. However, 10% of the check deposit or
performance bond shall not be repaid to the subdivider until one year following
the completion, inspection and acceptance by the Village of all construction
and installation covered by the check deposit or performance bond as outlined
in the subdivider's contract.
When the Code Enforcement Officer, following final inspection of the
subdivision, certifies to the Planning Board and the Board of Trustees that
all installations and improvements have been completed in accordance with
the subdivider's contract, the Board of Trustees may, by resolution, proceed
to accept the facilities for which bond has been posted or check deposited.